KAZAN: The 16th BRICS summit in Kazan marks a significant turning point in global economic relations, as the bloc seeks to expand its influence and reshape the international order. By convening for their first in-person meeting since the organization’s expansion, leaders of BRICS nations underscored their achievements and outlined ambitious plans for future economic cooperation.
According to Trend News Agency, the global economy is experiencing a shift towards multipolarity, challenging traditional international institutions like the International Monetary Fund (IMF) and the World Bank. These institutions, established post-World War II, are increasingly seen as inadequate to meet the demands of a rapidly changing world. In contrast, BRICS and its expanded BRICS+ format aim to offer a new model of global economic cooperation, seeking to transform the current world order.
The 2024 BRICS summit in Kazan serves as a pivotal moment, marking the rise of a multipolar world. The recent expansion through the BRICS+
format includes nations such as Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, reflecting the aspirations of developing countries to create alternatives to Western-dominated institutions. This expanded bloc now accounts for approximately 45% of the world’s population and 35% of global GDP, challenging the influence of the G7.
Despite its growth, BRICS+ faces internal challenges due to its diversity, which complicates efforts to forge a unified direction. Differences in economic priorities and political goals, particularly between China and Russia versus India and Brazil, pose hurdles to achieving consensus. These disagreements are evident in discussions about a unified BRICS currency and trade negotiations, which remain fragmented.
BRICS aspires to create an independent financial infrastructure to reduce dependence on Western systems. Initiatives such as developing a payment system to replace the U.S.-dominated SWIFT network and creating a platform for trading natural resources highlight
the bloc’s strategic goals. These efforts aim to strengthen internal economies and increase geopolitical leverage.
The expansion of BRICS underscores the inevitability of a multipolar world order, as Global South countries assert themselves on the global stage. With its economic clout, the bloc positions itself as a counterbalance to Western dominance, focusing on sustainable development and providing an alternative vision for global governance. However, BRICS must reconcile internal divisions to exert real influence in reshaping international institutions.
The bloc’s openness and inclusivity are core factors behind its rising influence. By admitting new members from diverse regions, BRICS enhances its global presence and signals readiness for meaningful multilateral cooperation. Surveys indicate that many Global South countries view joining BRICS+ favorably, seeing it as an opportunity for expanded trade, investment, and political influence.
BRICS also plays a significant role in promoting cooperation in
frontier technologies and sustainable development. The New Development Bank (NDB) supports large-scale infrastructure projects, while initiatives like the BRICS Development and Cooperation Center for Artificial Intelligence focus on technological leadership. These efforts position BRICS as a leader in the global technological race.
As a political force, BRICS promotes multipolarity and fairness in the global order. Its principles of equal cooperation and inclusivity attract nations seeking alternatives to traditional global powers. By championing multilateral dialogue, BRICS expands its influence among developing nations eager to explore new models of cooperation.
The expansion of BRICS signals a new phase in global multipolarity, providing a platform for cooperation among Global South countries. As it solidifies its role as a champion of fairness and multilateralism, BRICS reshapes the foundations of global governance, playing a defining role in the future of international relations.